2023-06-22 23:38:35
The Bank of England raised interest rates by 50 basis points, from 4.5% to 5%.
And the British “PA Media” agency stated that the bank raised the interest rate to 5%, which is the highest rate in 15 years, in light of the mounting pressure on policy makers and the British government to control the cost of living crisis.
This step would deepen the mortgage crisis, as borrowing costs rose for the 13th time in a row.
The rate hike, which amounted to 0.5 percentage points, was the highest since last February.
The rate hike comes following the inflation rate rose to a higher rate than expected last May, as the continued rise in prices forced policy makers to move to try to reduce inflation to the target of 2%.
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